My take on position sizing , very less spoken about when it comes to process building Understanding this opens up lot more non linearity of gains

While you all know which of our ideas have delivered very well and grown multifold in returns and we made a lot , this is a post to showcase some mistakes and where I have gone wrong with my initial thesis ( highlighting 3 of all types of mistakes to avoid , that I did so you don't have to ) 1) Rupa ( down 28% and had to exit , this was 2 years back, in Hindsight a pathetic investment , but lets see what went wrong The managing family has run this household name famous brand , in my initial thesis I was looking to play the post covid rural recovery that would play out across their product portfolio and the regions that they focused on The main mistake I made : did not judge the management well ! They made a series of bad decisions and I kept watching it , first it took them forever to find a new CEO, they invested heavily in the Lal sing chadda film and thought that would cause a turnaround ( remember bubba from forest gump? this was a bad movie showcasing the same with Aamir Khan and Rupa I think one thing that I really learnt is how the most obvious theme should be played better , I could've easily chosen better companies to play the rural recovery , from lenders to other brands , but I not only lost some money on this , also for 2 years wasted my portfolio space on this , hence I always learnt the need to play the right theme through the right company matters more than actually picking the right theme 2) Ola Electric ( up 7% on this now , but at one point it was down 24%, still own the shares) but was still a bad relative decision from relative market Over the years , I always focus on looking at industry structure first then looking at qualitative factors that matter with developing my channel as well to see on ground situation, but in this case I dont regret investing in Ola but I regret the fact that it was the second best decision The best decision ( which I should have made, but did not ) was to invest in Ather , everything was in their favor , market share rate of change , quality , better customer relationships and also the numbers, but because of seeing some good gains in the portfolio I made a poor decision of playing the Ola turnaround ( got in too early and Ignored the opportunity cost and also let the bias of how cheap can it get ( rookie mistake ) , but no harm in accepting it I still believe they might be able to turnaround , but I regret not being able to make the better decision which was not only obvious now but also then 3) PDS ( -30% and had exited ) , a lot of you think why I keep focusing on entry valuation so much even in very high quality businesses , this is my reason PDS is a great business , they have the best in class brands , great PE kind of investments as well , even a world class apparel sourcing system ( HBS even has a case study on how good their business model is ) But my mistake was entering at really high valuation cycle where the earnings were almost near highs , post which due to some client issues and nature of cycle changing , the equation changed , and that's what happens when you pay up , the fragility increases , as high your entry valuation is , the less number of things have to go wrong to loose money , small mistakes cost big when your entry valuations are wrong Also , another mistake I ignored and honestly that should've been the very easy exit decision is when they hired BCG for consulting on " margin improvements and sustainability " , this is obviously a sign that things are getting worse , managements hire consultants only in 2 cases , either they want global validation , or when they need someone to blame In any case , as an investor it was a bad idea to let it happen , as I say in India the opportunity cost of making a mistake is very high in investing , there are many companies that are doing really good things and we need to make sure we avoid bad decisions to let the good ones do their job well Lesson learnt , that good companies bought at bad valuations can hurt The point of sharing these mistakes is so that you all don't do what I did , and that mistakes are a part of the game , and even after making these stupid mistakes , the portfolio has done better in multiples to the indices , but mistakes happen , goal is not to repeat them , I will keep repeating , goal is to build a process with a 60-70% hit rate right position sizing , this will take care of everything !

GPIL capex tracker source: internal research

Renewable energy players in India , capability mapping of the companies source: internal research

CDMO sector , my key takeaways from recent Wuxi and US government guidelines and what to take away from it

Global biopharma markets shifting from simple chemistry to specialty, biologics, DNA/RNA medicines and also most importantly it contributes incrementally large to the profit pool as well Moving up the value chain adds ~126Bn to Industry by 2035, also mapping out the Indian Biopharma revenue by asset type Focus on capability depth building and where the capex is going into , those will be the levers of the incremental growth !

Coforge , they believe AI is rapidly creating new value pools for the industry and unlocking a $ 160-180B market opportunity growing at 35% to hit ~$800B in the next 5 years On market sentiment , Services aren’t disappearing, but rather recomposing, as “labour-as-default” gets disrupted by agent delivery Coforge is focusing aggressively deploying hybrid AI ‘Mod Squads’ – a bespoke delivery unit, grounded in deep domain intelligence, which generalist models simply cannot match For evaluating IT co's that can pivot now these are things to look for 1) Hours /Person billing shifting to outcome based billing 2) Solutions stack has to pivot to domain specific guardrail relied and agentic solutions with strong sectoral niche rather than a one size fits all 3) Employee force has to pivot to AI usage internally and enterprise level AI has to be a norm to clients , pivoting the whole approach disc: biased , no reco , no financial advice

Why sideways markets help broadening research universe and it’s honestly a best market to someone who’s playing the long game

PPFAS Flexi cap , one additional reasons its better then many flexicap funds is that they have seen many cycles of managing public money , From fragile 5 in 2014, to demonetization to Covid , Russia and Ukraine and still remained to their thesis of value and never budged , will always hold that respect ! This is my opinion , and you all know that I like schemes from Helios and Old bridge too , and not a lot of people agree with that , but I think some of them are doing a phenomenal job , with Sameer and Kenneth at the forefront ! ( see their previous track record ) My MF pf is fairly concentrated but I think alot about it , yes PPFAS flexicap is now similar to a large cap scheme , but I trust their ability to keep deploying capital at better rates as our market grows as well !

Auto ancillaries Industry in India , mapping the companies with stage , detailed chart with presence in value chain source: internal research

Rategain Technologies Q4FY26 concall notes , my notes Done well

IT companies I like and their commentaries on AI , Rategain has already done very well in last 2 months!

Mumbai through Atal Setu always remains a good reminder for the amazing infra that is being built in India , amazing stuff , I enjoy this every time

Lots of interest for the spaces , thanks folks ! , I realized last one was a a while ago .. , anything specific you all want me to add as well?

Global Big Pharma numbers and guidance for the next year ,key patent related info and mapping the players Will also do a post on the pipeline and mapping the Indian partners so we can start mapping out profit chains source: internal research

Doing a post on my investing mistakes over the weekend From Rupa , Ola to PDS and how things can go wrong sometimes with due process and what I learnt from it

Don't confuse conviction and ego , if market does not reward your thesis after the duration of your thesis plays out and you continue to hold on to an underperforming business , not because of short term problems but structural problems , do not let the ego be justified by calling it conviction , admit the error and move forward And time adjusted return is very important , conviction is good when you know the game you play , do not confuse it I have also made these mistakes , and learnt from them to be a little wiser than yesterday

One thing to note is how much weightage you give to the perception multiple of a company , is a multiple higher on the basis of a story or ability to execute , any way it is a thin line to see this I have tried to put some work on trying to work on how to look at multiples in the context of story , early days but so far have a loose theory around it , will write about it